All Forum Posts by: Filmon Michael
Filmon Michael has started 5 posts and replied 9 times.
Post: HELOC - higher LTV at higher rate worthwhile?
- Columbus, OH
- Posts 11
- Votes 9
Hello BP. I am trying to tap into my home equity (Heloc) for buying additional investment properties. Lender gave me two options for Heloc limit and rate: Option 1 - limit of $171k at a rate of 4.75% and Option 2 - limit of $208k at rate of 5.75%. Which one would you pick for max utilization of the equity.
If it helps, property value $370k and first mortgage balance $125k.
Thanks!
Post: Impact of War with Ukraine on U.S. Real Estate
- Columbus, OH
- Posts 11
- Votes 9
Quote from @Steve K.:
Quote from @Alicia Marks:
Quote from @Eric Bilderback:
Quote from @Alicia Marks:
I'm appreciating the thoughtful discussion on the implications of global conflict! Just a reminder for those who post after this to keep it friendly, nonpolitical, and on topic as related to real estate. Our moderator team will appreciate it.
I’ll try and stay away from this thread. But I don’t like the BP line that politics is not part of real estate investing, or BP is above the fray. There are valuable and interesting debates and ideas that you guys shutdown to the detonate of your members in my opinion.
That is a great point Eric. I manage the moderator team and am currently working on retraining the team and assessing what should and should not be allowed in the forum discussions. The current policies walk a careful line, but are being evaluated to see if adjustments will be made.
I for one really appreciate the moderators keeping politics off of BP as much as possible. This is one of the few places where people of differing political beliefs (and centrists like myself who don't care for rampant tribalism on either end of the spectrum) can come together and discuss real estate. A small amount of policy talk relevant to real estate is fine, but thank you for limiting the obnoxious political trolls and partisan divisiveness. If politics were allowed on here unfettered, I fear every thread would devolve into childish blue team vs. red team idiocy. People looking to engage in this way can go to FB, reddit, etc. or the comments sections of their favorite 24-hour news channel.
Post: Blanket / Portfolio loan
- Columbus, OH
- Posts 11
- Votes 9
Originally posted by @George Byrd:
Anyone have a lender that will do a blanket/portfolio loan in the Columbus area? We have 9 rental houses we'd like to refinance and pull out equity, and don't want to have to pay closing costs 9 times or make 9 payments every month. My regular lender told me no one does blanket loans any more, but I see people still talking about them, so not sure he's correct.
Curious to know who you ended up using? PM me please!
Post: Tenant's Ex and New Girlfriends Drama
- Columbus, OH
- Posts 11
- Votes 9
Originally posted by @Jill F.:
Can a landlord evict only one member of the tenants on a lease?
Post: Tenant's Ex and New Girlfriends Drama
- Columbus, OH
- Posts 11
- Votes 9
I need your wisdom on this interesting situation. I have a month-to-month tenants, a man and his ex-girlfriend. He is a handyman who takes good care of the house. They broke up two month ago. Meanwhile, he has been paying full rent but his ex is not contributing anything to rent and she refused to leave the house. Now, he got a new girlfriend and wanted to live together in the house, but his non-paying ex is there. So he asked me to add the new girlfriend in the lease and remove the ex from the lease so the ex leaves. Although this is personal matter, it will surely affect rent payment and my income. I want to keep him in the house, but with all this drama I have no idea what to do. Please advise. Thanks!
Post: Collecting irst and last month rent PLUS 2 month security deposit
- Columbus, OH
- Posts 11
- Votes 9
Thank you all for your great inputs. Already found a well qualified tenant. Thanks!
Post: Collecting irst and last month rent PLUS 2 month security deposit
- Columbus, OH
- Posts 11
- Votes 9
A high risk tenant wants to rent my property in Columbus, OH. He is willing to pay first and last month as well as two month security deposit all upfront. I am comfortable with the upfront payment but not sure this is legal. Please advise if I can collect this much upfront. Thanks!
Post: First and last month rent PLUS 2 month security deposit
- Columbus, OH
- Posts 11
- Votes 9
A high risk tenant wants to rent my property in Columbus, OH. He is willing to pay first and last month as well as two month security deposit all upfront. I am comfortable with the upfront payment but not sure this is legal. Please advise if I can collect this much upfront. Thanks!
Post: Estimate for Interior Full Gut Rehab and Permit Issues
- Columbus, OH
- Posts 11
- Votes 9
Hi All. I have done some light to moderate rehab but not full gut job before and your help on giving me rough cost estimate would be highly appreciated. I am looking at an interior full gut rehab. It is 2000 sqft 5 bed 2 bath SFH with lots of potential in Southern Orchard. The good thing is all demo is done and framing is also completed. It has new roof and new windows, too. In addition, new rough PEX pipes, PVC pipes, electric wires, and HVAC ducts has been run. But when I checked city records, no permit was pulled for the work done so far. I think the city has flagged the house for code violation because I saw NOT SAFE sticker on the door. So, I am assuming it will need all kinds of permits. My questions are: 1) how much should I budget for such kind of rehab - all work to be done by licensed people with city permits pulled. 2) if I end up buying the house, will the city fine me for the work the previous owner did? If yes, any idea how much? 3) Is there any risk I should consider in pursuing such deals (I feel like it is a half backed potatoes). Many thanks!